King & Spalding has advised Kuveyt Turk Katilim Bankasi A.S. (Kuveyt Turk), one of the leading Turkish participation banks, on the issuance of USD 500 million senior unsecured certificates due 2019.
The certificates, which are listed on the Irish Stock Exchange, are issued through KT Kira Sertifikilari Varlik Kiralama A.S., the Turkish asset leasing company. The transaction was substantially oversubscribed. “We were delighted to have worked with Kuveyt Turk again on yet another important Shari’ah-compliant issuance,” said Rizwan H. Kanji, a partner in King & Spalding’s Middle East and Islamic finance practice in Dubai, who led the team. “The team at King & Spalding has advised Kuveyt Turk on all its international issuances since 2010, when it issued the first-ever Sukuk out of Turkey.”
King & Spalding’s Dubai-based debt capital markets team has extensive experience advising on Turkish Sukuks, having also advised on the first Sukuk issued under the amended Turkish legislation in 2011. The team also counseled Bank Asya on its landmark issuance of subordinated tier II Sukuk in 2013, the country’s first subordinate Sukuk, and advised Turkiye Finans in connection with a USD 500 million senior unsecured Sukuk, which closed in April 2014.
The joint lead managers on the transaction -- Abu Dhabi Islamic Bank, Dubai Islamic Bank, EmiratesNBD Capital, Citigroup Global Markets Limited, HSBC Kuwait Finance House Investments, QNB Capital, Commercial Bank International, and QInvest -- were advised by Allen & Overy.
